November Market Trends Report 2018

 

Here you’ll find the November 2018 Market Trends Report as listed by Denver Metro Association of Realtors. Here are the main highlights:

• In the third quarter, sales in the Denver metro area were down 4.9 percent year over year. The good news is that the year-over-year median sold price is up a very healthy 7.5 percent.
• New applications for unemployment aid rose in mid-October, but the number of people receiving benefits fell to a 45-year low, signaling labor market tightening. If that is followed by increasing pay as it often is, it will help with the housing affordability issue in the Denver area.
• Purchase mortgage applications stayed relatively flat year over year, down just 0.4 percent, which is extremely positive considering the increase in interest rates of almost 1 percent during that same year.
• If your buyer clients are hoping to ‘wait out’ this market change, you may want to remind them that the mortgage rates are increasing. CoreLogic, a real estate research firm, recently predicted a nearly 10 percent increase in buyers’ mortgage payments by next July due to rising interest rates.

Click here to get the full report